If you have children under the age of 18, by now you likely have gotten your first advance child tax credit payment, either by check or by direct deposit. Be aware, this is money you would have gotten credit for on your 2021 tax return when you file it next year anyway. You are just receiving it in advance, meaning you may not get as much as expected when you file your tax return.
Do I have to file a tax return? This is a question many taxpayers ask during this time of year – tax time. The question is far more obsure than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to individuals’ BENEFIT to file a return (even if they are not “required” to file).
Everyone likes to gamble, play the lottery or Bingo every once in a while. Even a recreational gambler, will come across that quirk in the tax law. What quirk you wonder? That glitch that can actually cause you to pay more for your health insurance if you have gambling winnings. Yes, even if the overall result from gambling for the year is actually a loss. How on earth can this be, you wonder?
One example of itemizing deductions includes the cost of medical and dental expenses. For seniors with medical deductions, these include health insurance premiums. In the past, the medical expense deduction had a limit to the amount that exceeds 7.5% of a taxpayer’s adjusted gross income (AGI). I know this is not the most exciting subject; yet, is important that you pay attention to this change.
Here are four 2015 tax changes. Have your filed your income tax return yet in Massachusetts? If not, you may want to get your tax information together today before your run the risk of being late. … Read More
Health insurance premiums, especially in the light of the Affordable Care Act have risen dramatically. It is one of the largest expenses that most individuals pay. The cost of health insurance is allowed as part of … Read More
The future of Obamacare is always in question. So I am going out on a limb on this one. Usually I play it safe as a Monday morning quarterback when it comes to our tax updates … Read More
Health reimbursement plans and rules have been very interesting these days. They can save you a lot of money, if used appropriately. Beginning in 2015, large employers defined as those with 100 or more full-time employees … Read More
By: Cindy Toran, MBA, BA The Affordable Care Act (ACA), also known as Obamacare, will add a new level of complexity in preparing 2014 U.S. Income Tax Returns. Massachusetts taxpayers are familiar with state reporting requirements … Read More